Sajjan Jindal-led JSW Steel Sunday said it will invest USD 150 million (approximately Rs 1,000 crore) in the first tranche to set up its new steel facility in Texas, US. This is a part of the USD five hundred million investment commitment made by the company for the steel pipes and plates facility in Texas in March this year.
JSW Steel (USA) inc is putting in the technologically advanced and eco-friendly electric arc furnace, slab caster and plate mill. "The new facility is expected to be the only melt-and-manufacture plate mill with an adjoining pipe mill in North America," the company said. The plant will be built at JSW USA's 700-acre Baytown campus on 111 acres.
"The company is embarking on a journey to make 1,000 new jobs in the USA. This follows JSW's announcements to invest up to USD one billion dollars in enhancing its steel producing capabilities in the USA," it said. The plant is anticipated to be completed by March 2020.
In March, JSW Steel (USA) Inc and the Office of Governor, Texas, signed a Memorandum of Cooperation to develop and expand the steel industry in the state. According to the memorandum, JSW Steel (USA) Inc agreed to consider an investment of up to USD 500 million in phases (subject to Environmental Protection Agency approval) to develop its steel manufacturing infrastructure in Texas.
Later in June, JSW Steel projected another investment of up to USD five hundred million in acquiring, enhancing and upgrading Acero Junction Inc, an integrated steel producing unit with a possible capability of three million tonnes every year (MTPA) located in Ohio, US, in phases.
This takes JSW's overall investment blueprint for the America market, to produce American melt and manufactured steel, to up to USD one billion.